Pensions Want Look Into Fund's Records

By
Josh Barbanel,
Steve Eder and
Jean Eaglesham

July 13, 2011

Three Louisiana public pension funds say they are assembling a team of experts to examine the books and financial statements of a New York hedge-fund firm they invested with after the firm responded to redemption requests with promissory notes rather than cash.

Separately, the Securities and Exchange Commission has opened a probe into the fund firm, Fletcher Asset Management, according to a person familiar with the matter. It isn't clear what the regulator is looking at.